There's been a downturn in the rural property market, with 42 fewer farm sales in the first three months of this year compared to the same time last year.

That's a 10% reduction across the country.

The median price per hectare has also fallen by about $700, to just over $27,000.

In Otago property agents are noticing more neighbour to neighbour sales and splitting of farms.

They say that's happening throughout the country to achieve sales.

But commentators say well-established Otago farmers seem to have a solid footing in the current economic climate.